International assets, excluding assets of the State Oil Fund of Azerbaijan fell in May this year by $ 8.54 million or 0.1%, to $ 11,492.29 million. In relation to the beginning of the year this figure rose by $ 328 57 million or 2.9%.
According to the Central Bank of Azerbaijan, in the structure of international assets in the reported month funds in various currencies (principally U.S. dollars and euros) increased to $ 11,260.06 million. The cost of basket of special drawing rights (SDR), which pays Azerbaijan's share in the authorized fund of the International Monetary Fund, decreased by 12% to $ 232.33 million.
For the annual period the country's international assets increased by $ 3312.45 million or 40.5%.
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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